Solana Whale Botches $9M dogwifhat Trade; $GFOX Continues Strong Upward Momentum

A Solana whale invested $9 million on dogwifhat ($WIF), only to lose over 60% due to price slippage. Meanwhile, $GFOX has continued its upward momentum. Now in its seventh presale phase, the token has generated over $2.7 million. Now rapidly becoming the face of meme coins, $GFOX is being tipped to be one the best crypto tokens to invest in as its price is expected to increase further. Here is what fuels $GFOX impressive growth.

Reckless Trading? Here is how a trader lost almost $6 Million Buying dogwifhat ($WIF)

A daring investor took the gamble of pouring $9 million into Dogwifhat (WIF), only to lose almost 60% instantly due to price slippage. According to on-chain analysis, the trader made the purchase over three transactions. $6.25 million first, followed by $1.78 million and $893,000 for the second and third transactions, respectively.

The massive capital influx caused a temporary spike in $WIF’s price, with the token trading for about $3 after the purchase. However, within a short period of time $WIF fell drastically to $0.15 cents, making the $9 million investment worth just a little above $3 million. 

There have also been several speculations in various corners that this move might be a marketing strategy to increase the hype around $WIF, noting a 50% increase in Dogwifhat’s price following the event. While this is not unlikely, it is worthy mentioning that the meme coin previously had an impressive up rally between December 19 and December 23 last year when its price increased from $0.14025 to $0.33325.

$GFOX Continues Upward Momentum, Rakes in Over $2.7 Million

Galaxy Fox, the innovative play-to-earn blockchain gaming platform has successfully sold over 2.3 billion of its native token raking in almost $2.8 million in the process. This represents about 68% of the total tokens available for sale at presales.

This exceptional performance has set the mood for crypto investors to keep adding $GFOX to their portfolio as the token is tipped to be one of the best-performing meme tokens by the time it is fully launched. Currently, in stage 7 of its presale, almost 90% of the tokens allocated for the stage are already sold. The presale stage 8 is expected to start very soon with a price increase of about 10%.

Apart from being a P2E platform, Galaxy Fox plans to revolutionize the NFT space with a release of 3,000 unique NFTs which will be available for minting on their website and tradable on NFT marketplaces like OpenSea. Also, with its deflationary model through a token burn process, Galaxy Fox aims to inherently increase the value of its tokens by increasing rarity and decreasing supply. 

Token holders can also earn passive income on their investment by staking their tokens and receiving a proportional share on their investment from the Stargate pool. Galaxy Fox’s Stargate is the central hub for distributing rewards on all staked tokens. It is funded by 2% of all transactions carried out on the platform. This is setup to incentivize investors and encourage token holders to HODL $GFOX.

Conclusion

Although an investor just lost nearly $6 million in a single reckless memecoin trade, there is still a growing and stable interest in the memecoin sector, especially amongst $GFOX investors who understand its strong utility functions. With its solid tokenomics and explosive presale success, $GFOX is expected to continue its upward momentum and yield over 50x by the time of launch.

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